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The Financial Express

Stocks plummet at opening

| Updated: March 21, 2021 16:21:56


Stocks plummet at opening

Stocks witnessed a downward trend at the opening on Thursday, as risk-averse investors opted for booking profits on major sector stocks amid the rising trend of Covid-19 cases.

Following the previous day’s downturn, the market opened on a negative note riding on the news that daily Covid-19 infections and death are rising alarmingly in recent days in the country.

Within the first hour of trading, the DSEX dropped more than 36 points while the CSE All Share Price Index (CASPI) of port city’s bourse plunged 128 points at 11:00 am when the report was filed.

DSEX, the prime index of the DSE, went down by 36.94 points or 0.66 per cent to stand 5,479 points till then.

Two other indices also saw a negative trend till then with the DS30 index, comprising blue chips, lost 20.34 to reach at 2,091 points and the Shariah Index (DSES) shed 7.85 points to stand 1,253 points till then.

Turnover, another important indicator of the market, stood at Tk 2.42 billion within the first hour of trading when the report was filed at 11:00 am.

Market analysts said most of the investors continued their selling binge on major sector stocks riding on the news that daily Covid-19 infections and death rising in recent days in the country.

“Stocks slumped in early trading as most of the investors went on selling shares while some adopted a careful approach owing to worries over rising cases of Covid-19 in the country,” said a top broker.

Of the issues traded till then, 158 declined, 67 advanced and 99 issues remained unchanged on the DSE trading floor till then.

Beximco was the most traded stock till then with shares worth Tk 271 million changing hands, followed by Robi, LafargeHolcim, Square Pharma, and Beximco Pharma.

The port city bourse – the Chittagong Stock Exchange – (CSE) also saw a negative note with CSE All Share Price Index- CASPI-losing 128 points to stand at 15,839 while the Selective Categories Index – CSCX shedding 77 points to react 9,554, also at 11:00 am.

Of the issues traded till then 75 declined,  21 gained and 30 remained unchanged with Tk 73 million in turnover.

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